The seven Ps of the marketing mix
The marketing mix is the basis from which all good marketing stems. Read on to discover the seven factors that go into it.
The core elements of a marketing mix have traditionally been referred to as the four Ps of marketing: product, price, place and promotion.
More recently, three more Ps have been added to the mix to meet the needs of contemporary marketing. These extra aspects are primarily concerned with the consumer’s judgement of the service or product, and comprise people, processes and physical evidence.
In this context the term product doesn’t just refer to the physical product or intangible service you offer to your consumers or clients. It also encompasses the packaging, services and the benefit that makes it of value. Your product is the entire package. This component also refers to the expected life cycle of the product and the points of difference between it and its competitors.
Quite simply, this refers to the price a consumer or client pays for the product and how something is valued. There are many different ways to price a product or service and all of those strategies fall into this category.
"The easiest way to think about the marketing mix is as a recipe you devise while putting together your marketing plan. "
Whether in store, online, by phone or perhaps via Twitter, place refers to where your customers can purchase your product. Decisions about which distribution channel or channels to use are an important part of your marketing mix because sometimes an item that sells well online won’t be as profitable in a store and vice versa. It’s all about finding the right mix of place and product.
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Several distinctive streams can make up the promotional aspect of the marketing mix. For example, think of advertising, public relations, personal selling, and sales promotion (to name just a few).
Appropriate recruitment is a necessity to delivering good service. The skills of the people on your team are a reflection of your product, making recruitment an important part of marketing.
Your business processes make good service possible, and can also affect your profitability, so it makes sense to be as efficient as possible.
Even if your service is intangible, there are physical cues that consumers pick up on and use to draw or confirm judgements. These include furnishings, brochures, packaging, uniforms and more.
Creating the perfect mix for your business
The easiest way to think about the marketing mix is as a recipe you devise while putting together your marketing plan. You add a cupful of this, a pinch of that, and give the whole thing a good stir until you come up with the recipe that suits you best. While every business is different, some soloists may find that by simply thinking about their marketing mix it becomes clear how they should market themselves.
Do you consider the marketing mix in your business? What benefits have you gained from this approach?